What are NFTs?
Вставка
- Опубліковано 20 тра 2024
- In the past year a new trend in the crypto world has boomed: NFTs, or non-fungible tokens. They started as a way for digital artists to have ownership over their work but have transformed into a dizzying new multi-billion-dollar marketplace. Are they worth the hype?
00:00 - Are NFTs worth the hype?
01:38 - How to sell an NFT
03:24 - Where did NFTs come from?
04:51 - Why are NFTs so popular?
05:45 - NFTs in the artworld
07:04 - The risks in buying and selling NFTs
08:08 - NFTs in the metaverse
08:53 - The real world uses of NFTs
Read Alice Fulwood’s cover story on decentralised finance: econ.st/3L3yzBh
Find our most recent coverage on finance and economics: econ.st/3IUZugB
Sign up to our daily newsletter: econ.st/3gJBH8D
Why did we decide to sell our own NFT?: econ.st/3ofuyzV
Listen to our podcast episode on how our NFT auction went: econ.st/3sccbNv
What is an NFT?: econ.st/3KYbtfb
Find our most-read explainers on decentralised finance: econ.st/3KYbDDj
Did an avant-garde French artist sell the first NFT?: econ.st/3s6fsxC
How is the market for NFTs growing?: econ.st/35HW42z - Наука та технологія
Pillars of stability 😀
Pillars of Stupidity
It's like having imaginary friends but instead you have imaginary assets
I made my first $million from selling my NFT, all thanks to Mr Eric for the exclusive update on NFT
I wished they would have stressed more that NFTs just have art LINKED to it, they don´t carry the rights to it. Bying an NFT is not getting you any rights to the pictures linked to it. The only right you own with this NFT is the right to a place on a ledger, a link in a blockchain.
I would have liked to have seen you cover the fact that numerous artists on twitter (and I'm sure elsewhere) have had their art stolen and put up for sale as NFT's without their consent or knowledge because there is so little regulation. They've usually only found out when their fans ask them why they got into NFT's. Then through no fault of their own they have to start contacting NFT sites to essentially claim back their own work, sometimes for dozens of individual artworks going back years that they've publicly shared either on sites like twitter or in their portfolios. And there's nothing stopping another party just doing it again.
If you don’t copyright and trademark your work before posting it you’ve given it away to the world including capitalists.
@@americameinyourmouth9964 "If you don’t copyright and trademark your work before posting it you’ve given it away to the world"
That may be true in some countries, but certainly not in USA and many of the less-backward countries.
@@americameinyourmouth9964 just because it’s free domain doesn’t mean it’s not wrong.
@@silversolver7809 The Supreme Court ruled you can only file an infringement lawsuit if you formally register copyright. While true that informal copyright is generated when a work is created. Proving that, potentially years later, since copyright is only presumed to be valid when registered within 5 years of publication, is difficult. After 5 years the onus of proof will be on you which will require registration first and all the rough drafts and early attempts of a work and other evidence which many don’t keep.
@@americameinyourmouth9964 "The Supreme Court ruled…"
Oh really, I didn't know that. I thought the constitution gave Congress the right to make copyright law-learn something every day, thanks :)
Investing is currently the most lucrative business in the world, both NFT and Crypto stocks are positively changing people's lives, I know the troubles for tech believers will be over soon
We can't all be believers, everything you do to earn money is lucrative, if I may say so, what matters is that you put things elsewhere and are financially stable.
If I hadn't experienced this myself I would have said it's all lies but I made withdrawals a few days ago and that is something I find difficult and impossible with other brokers but Mr. Larry Kent Nick makes it possible. It was like magic when I received my funds.
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I think they really glossed over the risks and problems with NFTs
They became NFT Bros, it's too late for them
Nice video, NFTS is really changing the way we see digital work. And now that Metaverse projects like StepApp, XANA, Decentraland just to mention few are getting more traction by the day, NFTS is going to be more valuable than ever since it's one of the ultimate currency in virtual world.
I disagree. Decentraland has terrible performance and they dropped plans for VR support.
I wouldn’t have known about NFT’s if it weren’t for social media. The power of other people’s FOMO.
People don't actually read the smart contracts. "Owning" NFTs is a bit of a stretch for most buyers of the NFT. You don't really own it in the way you think if you currently hold some.
How do u get NFTs wrong in the first 60 seconds? NFT media do not live on the blockchain, the NFT is a token and not a piece of digital media. The token lives on the blockchain but the media can live anywhere. The media also isn't unique as digital media is impossible to make unique given how easily they copy and paste. Please do better with your layman explanations about NFTs in the future.
Most underrated comment here
HELLO, I'M A NEWBIE IN CRYPT0😞 AND I HAVE INCURRED SO MUCH LOSSES TRADING ON MY OWN...I TRADE WELL ON DEMO BUT I THINK THE REAL MARKET IS MANIPULATED... CAN ANYONE HELP ME OUT OR AT LEAST TELL ME WHAT I'M DOING WRONG ?
Same here, My portfolio has been going down the drain while I try trading,l just don't know what I do wrong
That's true most people today have been having a lot of failure in Forex and crypto sector because of poor orientation and bad experts
Trading with an expert is the best strategy for newbies and busy investors who have little or no time to monitor trade.. I will advice you stop trading on your own it's very risky. Seek advice of a professional trader
Wow I'm just shock you mentioned and recommended Expert Mrs Diane I thought I'm the only trading with her
@@jerrymax5189 You don't need to be shock because I'm also a huge beneficiary of expert Mrs
Diane
Having NFTs and not being able to make Pr o f its out of them can be very frustrating. Big thanks to Larysa Del, I make hu ge Pr o f its Tr a d I ng with her weekly
I think she trades for everybody I know. Met her at a conference in Germany, after her lecture I had to personally beg her to be my Finacial Adviser. I celebrate her strong feet.
she's definitely the best. She keeps surprising me with results. We are planning on surprising her too. You must have heard about that
@Nicolas Morales How did you find her?
Is there any faster way of reaching out?
It's quite impressive that the Economist minted their own NFT and sold it so fast.
our gullibility, is most impressive, tho
So what is not being told here ?
I can't speak for everyone else, but I know Bangsta Bears NFT will be worth it.
veve nfts ..go buy some disney nfts
I’m disappointed in The Economist. This magazine does great work on serious issues like diplomacy and climate change. There is no talk about how people are being scammed with crypto and NFTs in pump and dump schemes. Why why only talk about the positives and potential benefits?! Blockchain is probably going to be a part of the future but crypto and NFTs are awful.
Crypto is not harmful 🤦🏻♂️ just NFTs is being over hyped with many scams.
Why would they talk about the negatives of NFTs? At the very start of the video they said they made $400k by selling their own NFT. They've got a vested interest in hyping up this scam.
@@LinoWalker imagine calling NFTs a scam 🤦🏻♂️ your an idiot bro.
I was expecting possible uses in industry to be talked about more than art
Newsflash: as of now the technology is useless for anything that makes sense and is productive in the real world.
As much as people in the crypto sphere want you to believe it, this technology is not and cannot be the future. It's more expensive than traditional transactions, it's slower than traditional transactions, it's more inefficient than traditional transactions, it's less secure than traditional transactions and it's more public than traditional transactions - and it has to be all those things in order for it to even work in the first place.
For this technology to replace what we currently use, people would have to be OK with paying more for their goods and services because the transaction itself is far more expensive to do, they would have to be OK with waiting around for like 20+ minutes to verify a transaction, they would have to be OK with the fact that if they got scammed or ripped off in some way they have no recourse, they would have to be OK with all their financial information becoming totally public information that anybody can see - and that is just never going to happen.
I'd argue a local, or even cloud managed web server would suit industry better most of the time.
@@SanderSovrlic-alesov Just bought an NFT that gives virtual benefits with a claimable real life sneaker. Just bought an NFT that gives a physical collectable in the form of a 3D hologram card. If you think collecting baseball cards, coins, paintings is productive I have news for you.
*Imagine buying images instead of right-clicking them*
Screenshotted your comment. Selling it for 50 bucks as an NFT
The most outrageous example of why NFTs are something that needs regulation is the sale of a NFT from the 'virtual' artist named Beeple for 69 million dollars. His work had been selling for 100 bucks a pop before this transaction. All the more power to him, but what this sale has done is unhinged an entire commerical industry. This astounding sale, which has made an experimental artist rich beyond his wildest dreams, has also tanked the art industry at large. It has discouraged believing in any piece of art at an art auction. Anything worth believing in from the past is now very questionable.. How could anyone buy a Picasso now, knowing that an untried, unknown artist could sell his virtual doodles for millions more? The digital revolution is wonderful, but it is like what has happened during lockdown fever with the pandemic: everyone can work from home but suddenly across our world we see that business after business is going under, local restaurants have been torpedoed. City blocks look like boarded-up, war-torn cities. We must welcome all new technology, but we must not let our society crumble because of it.
Well said. Like the 1 man said in the Video...a Gif with a Weblink. Also you can just right click and download any NFT for free. So how does that make them valuable? A Picasso artwork has tangible value...not Intangible Value. Same with sports collectible cards and classic collectible cars.
Yeah, in reality most NFT's are not even sold!
I have no regret for buying NFTs with you. I appreciate the honesty
Thanks for a decent review. Personally, I am waiting for more updates from Monsta Infinite. It has some similarities with Axie and in the game. The essence is very simple with mini game, Tapwa by moving runes on match-3 and with a little investment, you can earn STT by tributing items in the game as well
There are other decent protocols like cardano, cronos or solana NFTs as well
*No.*
Next question
bUT iTs dEceNtrAliZed
It strikes me that many people - myself included - have stronger opinions about NFTs (either for or against them) than their understanding of the topic warrants.
I'm here to try to understand NFT's from a microeconomic perspective.
I see the future potential of NFT's as a technology - if and when they are used as tokens of ownerships of rivalrous or excludable goods.
I'm still to be convinced however, that currently existing NFT's can justifiably have a price from a microeconomic perspective. They are all, to my understanding non-rivalrous and non-excludable, and as such public goods.
I like how NFTs bring so much recognition to the artists, like the artist for the Bored Ape Yacht Club drawings. Never forget 'ole what's his name.
The next investment we all need to be looking forward to at this moment is NFTs, NFTs are assets we should invest in, it's not affected by the price of any crypto market,I came across Richard Scote some few weeks ago he introduced me to NFTs now I'm making profit from it.
I have heard much about NFTs, and I don't know how I will invest in it
You know mr Richard Scote also, I have be working with him since 3 months now and working with him has been the best thing that has happened to me.
@Don Alex
美国 美国 美国 美国ကောင်းတယ်
＋𝟏𝟓𝟖𝟎𝟖𝟑𝟎𝟔𝟎𝟔𝟕美国ကောင်းတယ
His name is Richard Scote
A very positive cover of this story, made pretty and smooth and glossing over the risks and problems. Hmm
we want to see the birth of the NFT on new protocols as soon
as possible! We definitely all need multi-resource and nested
NFTs! can you review features on new NFT protocols?
Would have been nice to compare different Blockchains as Ethereum prices are not really feasible for many.
I would love to get into the NFT market but it's expensive with the gas price alone, something could cost $18 but the gas could be over $400
1 week I've spent 1 eth on gas
That's why i engaged only in crypto trading. A $20,500 profit it's been sent to my portfolio every week, Expert Kate Philips is amazing
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I'm not surprised because I have made upto $124,00 since i started investing with the expert, crypto trading and other investment's are very profitable with Mrs Kate
@@mattmanson1077 How can i reach to Expert Kate? I have actually heard a lot about her trading
Glad they included The real world uses of NFTs
Anothe great video!!! Keep up the great work!
nft and crypto was like the early stage of internet and when the bank went digital, people were underestimated but yet we are living on it now. you wouldn't know what the crypto and nft might become in the next coming of decade.
Enough of this "teach the controversy" nonsense. The title of the video should be "Are NFTs a scam? Yes."
loser
I have a question: If a NFT is meant to be unique why are there so many blockchains trying to let people mint it on their network? You could have minted the same picture on another network and sold it again? So there would be 2 NFTs for the same picture??? Does not that defy the purpose
I keep seeing this argument about publicly accessible systems to verify utility information, and even if my small town of 2000 people, we gave web servers that do exactly that, with little overhead, and probably takes less power than an nft transaction.
Also there's nothing enforcing uniqueness of the NFT - Asset relationship. People are already finding multiple NFTs that point to the same asset, so all that is unique is the token itself.
Thank you for covering the topic in this video, really trying to up my knowledge regarding NFTs. It is crucial to distinguish short and long term projects, there are hype projects which can never live for a longer period time and either damage you or build you, all in short term. However, there are insane projects with longer development plans - for example Meta Triads combines fashion, metaverses and physical world. All while providing ownership of a project to it's holders, crazy stuff must be coming in 2022 overall with the utility NFTs.
their Discord is on fire!! team is amazing, dope art, just wait for them blowing up!!
Should check their discord
like that project a lot, I think that project has huge potential, it also has amazing team and active community
Doxxed team, niiiiiice
I am in LOVE with this project, the art looks great !
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Your explanation is realistic and straight to the point. This major dump is quite hurtful and a disaster for holders but on the other hand there are many ways of manipulating the market. I am glad as a smart investor I am putting my hard earned savings into the most. Don't just hold you'd regret it, better said the only transparent market there is day trading. Big thanks to Mrs Clara Greens for helping me gain over 7BTC with her method lately..
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11:00 Nailed it
I came here to learn how to trade after listening to a guy on radio talk about the importance of investing and how he made $460,000 in 4 months from $160k. Somehow this video has helped shed light on some things, but I'm confused, I'm a newbie and I'm open to ideas.
Trading with an expert is the best strategy for newbies and busy investors who have little or no time to monitor trade
most people today have been having a lot of failure in Forex and crypto sector because of poor orientation and bad experts
Then I will like to introduce you to my expert, Mrs Tracy Joyce, have been investing with her for months now and it’s been awesome
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This has the problem of alt-coins, anyone can create a new chain with new NFTs? So you need to probably select your chain carefully.
Market Madness surrounds a new technology - great line Alice.
Everyone's praising Crypto and NFTs to keep up the image of them being great. As long as they have the image of being worth so much, they will stay worth so much
NFT's sounds like diamonds. Everyone has been tricked into valuing them too highly, so that 75% of their sales price goes to cover their sentimental value. Try selling your engagement ring 💍 and you'll be lucky to regain 1/4th of what you paid.
true.
Nft is a great way for elites and early investors to consolidate wealth from lower and middle class in an unregulated way
This very educational! As a newbie here, got the idea on how NFTs work. My friends advised me to get whitelisted with Starlight NFT. Wdyt, guys?
So it's the new tulipmania. Got it.
Great video! You should consider highlighting the Meta Ape Militia NFTs. Holding a pair of these earns you BTC! They are still available on OS and $100 gets you 6 NFTs right now and we all know that BTC is going to go way up!
NFT is technically fungible . I will give you this picture In replace of a token ($). That is exactly what fungible is .
. great video- can’t wait for projects with more historic use see to become common ^
you don't really clarify that the NFT does not contain the art. The image (file) is not on the blockchain. The NFT is a hyperlink pointing to the localized image. This means that the image can be lost or changed. The technology is flawed. There is no point of decentralizing the hyperlink when the asset is still centralized.
So if I own an NFT of an image, can I charge royalties or any right (like those charged by Getty Images) to anyone using that image, even of they are using a copy?
Nope, it’s for creators and royalties are written in a smart contract.
Marketplace royalty caps are depending on which you choose.
Yes ! exactly that’s what I wanted to ask. So what’s the benefit of owning just a link to the artwork?
@@lata1068 LOL, you are 100% right. There is no benefit.
Can any economist explain to me what is the “utility” of the NFT that gives it its value or is its value completely non intrinsic . I have never understood this
If I buy a car the car has value because I can use it as transportation
I could buy a carolla or a ferrari to achieve this utility of which has different “value “
You are 100% right. I ask myself the same question.
Thanks for this cool video, I’m looking forward to seeing more videos about NFT.
Mexico now has blockcahin generated University (and Advanced) Degrees, just got my MBA digital certificate. Im glad Mexico took that direction, this will lead to a super-controlled academic environment (as opposed to fake academic degrees being around).
Since 2012 Mexico has been implementing (and constantly improving) blockchain in its tax system (invoices), honestly is amazing how controlled it is.
2022 version of POGS.
The feel of the video was so BBC.
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Numbers of Articles are on creating NFTs and earn through that they have been scammed through selling on social media kindly make a documentary on that.
Great video!
I have watched many videos on crypto and this is the first one I watched twice - loved it
I subscribed to the channel love these videos they explain it very well
Do I have to pay a gas fee for each file if I have a collection of 5000?
@Deadly RezDogs But opensea only works with eth ... I really want you to tell me how to upload files without paying gas because it requires me to pay for each file, I mean opensea
Please🤞
P.s
Why do you not recommend using eth?
reading about people grabbing multi-figures monthly as incomes in investments even in this crazy days in the market, any pointers on how to make substantial progress in earning? would be appreciated.
you have to have an idea on what you wanna invest in carefully before going in.
You "make it sound bogus" to accept that as annual passive income, when clearly possible I've made thousands since January so far without any prank plans. She is a masterpiece and her name is Elizabeth cole..
Reach her thru her telgram page.
the name is Elizabethee
𝕀 tradr with her too. Truth is, a lot of utubers dont care if you loose, they just w𝕒nt more views and traffic! this is why i respect her. She actually takes her time to coach you..
Starting early is a great way to make this work
This reminds me of that Tulip craze in Netherlands.
Does scarcity always equate to value? I don't think so
(Unrelated: there is only 1 of me and no one wants me).
🤪
Considering that we are living in an inflationary environment where all asset prices are trading on the higher side of their respective multiples, it is possible that NFTs too are trading at the higher end. Therefore even if they are legitimate work of art, they should and must be purchased at their proper value. We are yet to see the effects of a tight monetary environment on this new digital world.
It depends a whats the criteria for “proper value” .
Market will decide that
We at CHO Earth use WAX to create, sell and manage NFTs with GeoTag.
NFT could be also land in virtual world. For example MARS4
It has always been possible to sell digital art and clearly identify it's ownership and provenance. This is a story about the misunderstanding of rarity, value, and art. That said, it's cool that artists are able to take advantage of dumb money and get a laugh at the same time.
How was it possible before?
The idea of a ponsey scheme is interesting
new money platform great video thanks
Nice video.
Wait, did you mention Rug pulling?
When it comes to the world of investing, most people don't know where to start. Fortunately, great investors of the past and present can provide us with guidance..
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How can someone know a profesional acct manager that is trustworthy and legit they are hard to find this period
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it equals 420,000!!!!! How incredible!
Great video! You can create your NFTs with the help of the man recommended above. He is an expert
What is the practicality of NFT in real world?
It makes people who actually does useful things (construction workers, doctors, nurses, engineers, teachers, etc.) feel jealous
A membership, or piece of limited edition art, or characters in a video game.
Real world is everyday a bit more destroyed, because of climate change, because of the covid pandemic. All is an excuse to shrink our freedom. Metaverse, NFT, crypto is a parallel word where freedom may remain....
There is none, at least currently. Every stated purpose is already better-served by existing tech, with lower energy demands, better privacy, etc. Criminals & con artists absolutely love it though, makes their "job" a lot easier.
Absolutely none
NFT is Digital Assets in very safe secure smart contract in blockchain Ethereum...
Some Happens now that Hacker stole some NFTs is because They do not Break The Power of Digital Smary Contract, IN THE FACT, THE HACKER TOOK the ID and Password to steal it.. It is like hackers in local and international banks.. So we must be careful in keeping our Password and Pin..
As like we keep our password and pin for our Bank ID, Computer, and Handphone, We also keep our digital too...
So they sold the picture of the book cover as an NFT. But did they actually own the right of the cover picture in the first place?
The book has long been out of copyright and I guess the same is true of the book cover. That hasn't stopped Disney from establishing copyright over their own version of Alice in Wonderland.
I agree with him, this was easy to understand
The new project that stands out recently. Oja coin aka OJX. Worth to buy?
Amazing that you can make this video without uttering the words "silly", "dumb", or "suckers".
or "scam"
OK, so I buy an NFT. What now? What do I do with it? If I buy a painting, I can at least hang it on my wall and enjoy it. Maybe I’m missing the point, but I don’t understand what I would get out of owning a certificate of ownership for something intangible.
Buy it with another account from yourself for (a lot) more than you paid and hey, you’ve just made a big profit on selling digital art and when you take out the money it’s suddenly legally earned. Something like that? ;)
Although yeah a lot of the buying now is just outright craziness
You sell it for a higher price, and pocket the change
@@guyferrari8124 So a literal pyramid scheme.
@@Horus4302 technically not since you don’t get people under you to sell it for you, and you don’t get hired by people above you to sell it. More of a “greater fool” scam.
No Jason, you have not missed the point. You are right.
I prefer to spend my money on tangible items.
Well stated.
Tulips from Amsterdam springs to mind
This is a big help
The new things is iNfts. A project called Alethea AI is transforming NFTs into iNFTs making NFTs intelligent and responsive using AI
Anyone knows what is the soundtrack name?
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WHAT IS THE SAFEST WAY TO MAKE MONEY THROUGH INVESTING? ...I'M TIRED OF HOLDING COINS,,, I'M TIRED OF LOSING MONEY DAY TRADING ON MY OWN😫
Same here, My portfolio has been going down the drain while I try trading,l just don't know what I do wrong
Trading with an expert is the best strategy for newbies and busy investors who have little or no time to monitor trade.. I will advice you not to stop trading on your own it's very risky. Seek advice of a professional trader
That's true most people today have been having a lot of failure in Forex and crypto sector because of poor orientation and bad experts
I lost £1200 carelessly trading on a
platform then I was referred to Mrs Laura Morgan she recovered the loss and made an extra profit of £4600
Wow I'm just shock you mentioned and recommended Expert Mrs Laura I thought I'm the only trading with her
It's pretty simple. You create 100 similar NFT, use your friends account to buy one with 10K dollar, and trick others to buy them in 10K each or even higher prices(because they think they will go even higher), then you are a millionaire.
Cant one just use the same picture as an nft an add it to the blockchain?
They can, and they do
Authentication and proof of ownership are the strength of NFTs. Not sure why you didn’t expand on that more instead of art
That honestly changes nothing
@@Julie-qr9ow How so? Please explain.
@@MagnetoJones because it’s still a scam
@@Julie-qr9ow *tell me you don’t know what you’re talking about without saying you don’t know what you’re talking about*
@@Julie-qr9ow the deed to your house is a non-fungible token. The title to your car is a non-fungible token. A ticket to the Super Bowl is a non-fungible token. You don’t see how it could benefit society for these records to be on an immutable blockchain???
Technology I can understand, but your only using that technology to hold a JPEG, nothing that would have nowhere near the same amount of value, or perhaps you'd see it as having £0 of value (save or screenshot) without the nft technology attached to it
Who's here after Karan Aujla's story? 🙋♂️🙋
So its like gaining a copyright for something?
Nope. The 'minter' keeps the copyright. I still cannot figure out what you are buying. Not the art, not the copyright, not even a license to the art. Just a 'token' -- a line of code that points to a URL. You can point to a URL for free.
Wow! Great video and super informative